One would think that investors in a real estate investment fund would be sophisticated enough to know that it is illiquid. They should expect slow, steady returns on investment in the form of rental payments and slow long term returns on the asset value - less costs of maintenance costs and management fees of course. Some would be more actively managed, flipping properties here and there. Others more passive and long-term thinking. Or a little bit of both. Opportunistic when you can be, patient when you need to be.
Heck I don’t have the means to throw excess cash into one of these funds but even I know that much.
These days though, not much makes sense to me.
Given the concentration of this withdraws is overwhelmingly from Asia despite minority of investors in the fund, it likely means some wealthy folks in Asia are having liquidity issues for whatever reason.